Lease Beat

Toy Designer to Move Within Garment District

65 West 36th Street

Toy designer Animal Adventure will start selling its wares out of a new showroom and office in December on the ninth floor of the Sioni Group‘s 65 West 36th StreetCommercial Observer has learned.

The toy company that supplies retailers like Target and Toys “R” Us will relocate from its current space roughly two blocks south at 112 West 34th Street into the new 1,974-square-foot assemblage elsewhere in the Garment District, officials with the Kaufman Organization said. The new location commanded an asking rent in the mid-$40s per square foot, the Kaufman officials said. Read More

Mortgage Observer

Hudson’s Bay to Refinance Saks Fifth Avenue Land With $1.25B Loan

The Saks Fifth Avenue building.

Bank of America, Morgan Stanley, Goldman Sachs Mortgage Company and The Bank of Nova Scotia are providing a $1.25 billion mortgage to Toronto-based Hudson’s Bay Company to refinance the ground below its Saks Fifth Avenue building at 611 Fifth Avenue, according to a release from the borrower.

The lenders appraised the landmark building at about $3.7 billion, based on the assumption that the entire property is net leased at an estimated fair-market rent by the luxury retailer. HBC acquired the Saks retail chain, including its 650,000-square-foot flagship store in Midtown, last year for $2.9 billion. Read More

Lease Beat

Starbucks Renews UWS Lease

540 Columbus Avenue.

Starbucks Coffee has re-signed a 3,425-square-foot lease on Columbus Avenue and West 86th Street, Commercial Observer has learned.

The coffee chain took a 10-year renewal with a one- to five-year option for its 2,425 square feet on the ground floor and 1,000 square feet in the basement at 540 Columbus Avenue. Read More

Lease Beat

Nike and Forever 21 to Open Flushing Locations at SkyView

The Shops at SkyView Center

Global retailers Nike and Forever 21 will open new stores in the spring of 2015 at the Shops at SkyView Center in Flushing, Queens, Onex Real Estate Partners announced last week.

The two well-known brands inked 10-year leases at SkyView, officials at Onex said, with Nike grabbing a 15,000-square-foot space on level D and Forever 21 booking a 10,093-square-foot space on level B of the 700,000-square foot shopping center at 40-24 College Point Boulevard. Read More

On the Market

Kardashians’ Dash Boutique Dashing Out of Soho?

119 Spring Street.

After four years, the future of the Kardashian sisters’ designer boutique Dash at 119 Spring Street in Soho is up in the air.

The co-op unit that Kourtney, Kim and Kloe Kardashian lease on a month-to-month basis for Dash has hit the market for lease at $1.4 million per year, according to one of the listing brokers, Douglas Elliman‘s Adam Kramer. Read More

Lease Beat

Jay Suites Signs Seventh Manhattan Space in Grand Central Area

315 Madison Avenue.

Jay Suites, a shared-office space provider capitalizing on the communal space craze, has signed a lease at 315 Madison Avenue, a property owned by the Abramson Brothers between East 41st and East 42nd Streets.

First reported by The Real Deal, the company signed a lease on Tuesday for 18,000 square feet on the building’s third and fourth floors. Jay Suites plans to move into the space Feb. 1. Read More

Lease Beat

Whole Foods’ Bryant Park-Area Lease Revised, Enlarged

1095 Avenue of the Americas.

A week ago today, natural and organic foods grocery chain Whole Foods Market redid its lease, enlarging its footprint to 42,996 square feet, at a Bryant Park-area office tower, Commercial Observer has learned.

While Whole Foods signed a three-floor lease at the 42-story office building 1095 Avenue of the Americas about a year ago, last Friday’s hard contract added 6,000 square feet to the deal through a space reconfiguration, according to people with intimate knowledge of the deal. Read More

Lease Beat

Financial Firm To Move Two Blocks North in Midtown

1120 Avenue of the Americas

Small and middle market capitalization portfolio manager Daruma Capital Management will move its headquarters two blocks uptown in April 2015 through a lease for the entire top floor of Edison PropertiesHippodrome Building.

The employee-owned company that oversees $2.3 billion in investments for public and corporate pension plans, endowments, foundations and individuals, according to its website, will relocate from its current home at 80 West 40th Street to the 9,562-square-foot 21st floor at 1120 Avenue of the Americas, officials with Cushman & Wakefield and Edison said. Read More

Mortgage Observer

$42M Refi for Times Square Office Building

260 West 39th Street

Meridian Capital Group negotiated a $42 million mortgage to refinance an office building owned by Brooklyn-based Orbach and Associates. New York Community Bank provided the loan on 260 West 39th Street, a 172,500-square-foot property, according to city records.

The 12-year loan has a fixed-rate of 3.875 percent and interest-only payments for the first four years, followed by a 30-year amortization schedule, according to a representative for Meridian. Read More

Lease Beat

Hugo Boss Ditches Starrett-Lehigh Building for FiDi

55 Water Street.

Hugo Boss is moving its North American headquarters from the Starrett-Lehigh Building at 601 West 26th Street to 73,690 square feet at 55 Water Street, Commercial Observer has learned.

The fashion giant will occupy the 53-story building’s entire 48th floor, comprising 68,793 square feet, as well as a partial sublevel space of 4,897 square feet, CBRE announced, through a 15-year deal with $54-per-square-foot asking rents. The company plans to assume the new space in the second quarter of next year. Read More

South Street Seaport

Howard Hughes Unveils South Street Seaport Proposal

South Street Seaport Renderings (SHoP Architects).

The Howard Hughes Corporation, in conjunction with SHoP Architects, publicly presented its plan for Lower Manhattan’s South Street Seaport this morning, a proposal which includes both the contentious mixed-use waterfront tower and $300 million in infrastructure and public improvements.

“We believe in this area. And we believe that the city deserves something better than what’s out there now,” said Gregg Pasquarelli, a principal at SHoP Architects. Read More

Lease Beat

Ad Firm Grabs 60th Floor at 1 WTC

A view of Downtown from New Jersey

Location-based advertisers xAd will expand from Midtown South to 1 World Trade Center through a ten-year, 43,849-square-foot lease for the entire 60th floor of the 104-story tower, the Durst Organization announced earlier this week.

The ad firm that targets consumers through mobile device ads based on their location will add an additional office to its existing 401 Park Avenue South office next summer at the Port Authority of New York & New Jersey-owned tower that Durst manages while owning a $100 million joint equity stake. Asking rents at the 3-million-square-foot building, which has now attracted tenants to 1.9 million square feet of its space, run for $69 per square foot, representatives for Durst said. Read More

Sales Beat

Divine Apparel Gobbles Up Garment Center Co-op

246 West 38th Street.

Divine Apparel, which designs and manufactures special occasion suits, knits and dresses for missy- and plus-size women, is relocating to a new co-op unit it has acquired, Commercial Observer has learned.

The company paid close to $4 million for the entire 6,062-square-foot penthouse floor including two terraces at 246 West 38th Street between Seventh and Eighth Avenues, in a deal that closed two days ago. The seller of the 14th-floor unit was a personal trust, Voorsanger Charitable TrustRead More